accounting

I recently took a new client who is a Shopify seller, he is using multiple gateways including Shopify payments and Paypal. currently, his Paypal is connected with qbo and creating a mess due to duplicated transactions, I would like to ...
  1. Hi there, when you have a client with a large number of transactions running through Paypal I would not advise you to use the QBO to PayPal sync. As you stated ... Read more

One of my clients who is an Amazon Seller recently bought an Amazon Seller Account / New business for approx $11,000. In this case what would be the best practice to record this purchase? 1) As an Asset in current ...
  1. Hi because the business is now under the same LLC you can record the $11K as an "other asset". There is no need to maintain separate books. Hope this helps, hav ... Read more

A business was purchased and according to the Asset Purchase Agreement, none of the liabilities “belong” to the new company. What they have is a promissory note of $425,000 due to third party lenders. You have to set ...
  1. I do have a question if the liabilities were not purchased and do not "belong" to the company then typically they would note recorded at all. On a companies bal ... Read more

What are some ways that other small businesses handle referrals for new clients? I want to provide something to the current client as a thank you.
  1. Hi, some small businesses send a gift basket with perhaps a thank you card for referrals if you don't have a specific referral fee (compensation plan) in place ... Read more